9 trends reshaping all industries post-COVID
- Frost & Sullivan identifies a list of short- and long-term opportunities set to emerge in industries post-pandemic
From disrupted supply chains, social distancing requirements, and remote working — among myriad other factors — no worker, business, or industry has been untouched by the effects of COVID-19.
Some industries have been affected more than others. Much of the white-collar workforce has been able to continue largely as before, connected by cloud computing solutions and teleworking. Others, like the hospitality sector, stalled entirely, and are still struggling to regain their footing.
Fortunately, the technology we have at our disposal has given a tanking economy somewhat of a prop.
But this realization of our reliance has also driven us to think differently about how we operate, highlighting innovations as solutions to immediate problems now, but also as tools and vehicles for continued transformation in the longer term.
In the logistics and manufacturing sectors, for example, demand for robotics systems soared not only as businesses sought more resilient tools, but also to cope with the rising move toward e-commerce, and consumer demand for faster deliveries. The cloud computing market continues to mushroom as organizations seek scalable infrastructure and more competitive customer experiences.
While urgent needs for business survival in a crisis may have led to creative solutions, they have also created longer-term opportunities that could continue to reshape industries and aid our recovery.
Frost & Sullivan’s recent analysis, The Reshaping of Industries Caused by COVID-19 comprises a summary of nine key trends that will emerge from industries reshaping as a response to COVID-19.
# 1 | Connected living
The increased adoption of contactless surfaces post-pandemic will power the home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers.
# 2 | Connected work
Reformed connected work scenarios will accentuate the need for “cloud everything.” New subscription-based models will witness a growing demand for Unified Communications as a Service (UCaaS).
# 3 | Digital health
Digital health driven by telemedicine and robotic care will become the new standard of care delivery. Standardization of service across the care continuum will require more service and technology providers.
# 4 | Geopolitical balance
Countries should work together to keep trade flowing and ensure the supply of essential products, sending a signal of confidence to the global economy.
# 5 | Human augmentation
The behavioral analytics market is expected to reach US$3 billion in revenue in 2030, up from US$230 million in 2019. Post-COVID-19, behavioral data will be used to enhance healthcare systems, financial services, and cybersecurity.
# 6 | Lights-out operations
Autonomous “lights-out” operations will propel the demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models.
# 7 | Smart cities
Smart cities will create significant business opportunities with a market value of US$2.46 trillion by 2025. Smart cities will prioritize more digitalized services and a strong data analytics infrastructure, leading to increased spending on technology.
# 8 | Supply chain optimization
The supply chain industry is creating radical innovations with augmented reality, virtual reality, advanced robotics, real-time inventory tracking, and exploring how 3D printing could completely disrupt the supply chain in the next 10 years.
# 9 | Technology advancements
Pandemic preparedness will speed up the deployment of artificial intelligence (AI) solutions and accelerate AI innovation. Beyond specific disease management, post-pandemic economies also will rely on AI and machine learning (ML) tools to expedite digital transformation across key business initiatives.